This study examines the changing impact of children on the subjective well-being of adults. Particular attention is given to the role of demographic factors and family structure in accounting for differences in the impact of children over time. Specific questions to be addressed are: (1) Do children have a negative impact on adults subjective well-being, and if so has this effect changed over the last two decades? (2) Is the impact of children on adults well-being related to specific family characteristics such as number, age and sex of children, age of parents, marital status of parents? (3) How is the impact of children related to demographic factors such as urbanization, educational attainment, mothers' employment, and religiousity? To what extent can changes in these characteristics account for changes in the impact of children over time? (4) What is the relationship between subjective well-being and parents' perceptions of the value of children? Has this relationship changed over time? The data are taken from two cross-sectional surveys of national representative samples of adults conducted by the Survey Research Center at the University of Michigan in 1957 and 1976. Estimates of the impact of children on subjective well-being are based on Ordinary Least Squares regression techniques and on logistic probability models.